The global offshore oil and gas seismic equipment and acquisitions market to grow at a CAGR of 7.74% during the period 2016-2020.
Global Offshore Oil and Gas Seismic Equipment and Acquisitions Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is introduction of 4D seismic survey technology. The expenditure on exploration in deeper waters and the value of remaining oil in existing fields are a few of the drivers of seismic technology development. Seismic technology is used by petroleum geophysicists and geologists to interpret and map potential hydrocarbon reserves. The scale and size of seismic surveys have enlarged alongside the upsurge in computing power during the past 25 years. 3D technology considers oil and gas reserves as a cube along with its height, width, and depth.
On the other hand, 4D technology adds one more component, i.e., time, which shows how a reservoir will change over a time period. The acceptance of the 4D seismic technique in the oil industry, both in production and exploration, is growing. This indicates that the 3D exploration lapse time and reservoir monitoring, as a tool to minimize drilling risk and to maximize the ROI, are coming of age.
Further, the report states that one challenge in the market is seismic vessel overcapacity problem. Even before the oil price dropped, the seismic survey sector was facing problem such as vessel overcapacity. To cut competition the industry had responded by introducing new technologies and techniques to add value, standout, or entice customers. But, then the price of oil dropped rapidly and this was followed by reductions in exploration spending and uncertain market conditions. After the global downturn in the oil and gas industry due to decline in crude oil prices, the seismic surveys companies started having overcapacity problem. The number of marine seismic vessels and crews available each year to perform seismic surveys was more when compared with what was required taking into consideration the number of surveys planned.
- SeaBird Exploration
- Schlumberger WesternGeco
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by type and services
Part 07: Geographical segmentation
Part 08: Market drivers
Part 09: Impact of drivers
Part 10: Market challenges
Part 11: Impact of drivers and challenges
Part 12: Market trends
Part 13: Vendor landscape
Part 14: Key vendor analysis
Part 15: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/6347s9/global_offshore
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-offshore-oil-and-gas-seismic-equipment-and-acquisitions-market-2016-2020-decreasing-investment-in-oil--gas-industry--introduction-of-4d-seismic-survey-technology---research-and-markets-300395633.html
SOURCE Research and Markets